Futures trade near fair value ahead of openStock futures are slightly lower following the release of the first economic data point of the week. The Empire Manufacturing report came in at 7.8 versus the consensus outlook of 8.0. Last month, it had a reading of 9.95.

U.S. Empire State preview: U.S. Empire State preview: Empire State should hold steady at 10.0 in February (median 8.3) from January. Forecast risk is downward, however, given the potential drag from falling oil prices. This compares to a recent low of -7.8 in January and a high of 28.0 in September. preview for more detail.

07:55 EDT

N.Y. FX Outlook N.Y. FX Outlook: The dollar is lower against the European major currencies this morning, with EUR-USD gains leading the way. The single currency rallied to 1.1449, levels last seen on February 5, despite the EU/Greek talks breakdown on Monday, where many now think some sort of deal is possible this week. USD-JPY moved off its nearly two-week low of 118.25, peaking at 118.92 into the N.Y. open, though overall remains in a holding pattern ahead of the BoJ meeting later this week. The U.S. calendar reveals the February N.Y. Fed index at 8:30 EST, along with the February NAHB housing market index at 10:00 EST. December Treasury TIC flows are due at 16:00 EST.

Futures off lows following Greek debt talk break down U.S. equity futures are mixed but off their lowest levels from last night. The talks over Greece’s bailout broke down yesterday. Athens has until Friday to reach a deal with its euro zone partners. Investors are making their way back from the holiday weekend, but winter storms around the country have slowed down their return, especially in the Northeast. The major economic data slated to be released today are the Empire Manufacturing report and the NAHB Housing Market Index, kicking off a fairly busy week of reporting.

07:30 EDT

SEC Advisory Committee on Small and Emerging Companies holds teleconferenceThe Committee holds a meeting via teleconference to discuss consideration of recommendations to the Commission regarding the definition of “accredited investor" on February 17 at 2 pm. Webcast Link

07:26 EDT

Federal Reserve Bank President of Philadelphia speaks on economic outlookPhiladelphia Federal Reserve Bank President Plosser speaks on the economic outlook and monetary policy in a meeting being held in Philadelphia on February 17 at 12:45 pm.

On The Fly: Morning Wrap-Up for February 17Globex S&P futures are recently down 7.50 from previous day’s SPX cash close. Nikkei 225 down 0.10%, DAX down 0.73%. WTI Crude oil is recently at $53.36, natural gas up 1.89%, gold at $1280 an ounce, copper down 0.44%.

04:19 EDT

February front month equity options last day to trade is February 20, 2015